Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.

April $1$ Sold merchandise for $$3,000,$ with credit terms $\frac{n}{30}$; invoice dated April $1.$ The cost of the merchandise is $$1,800.$

April $4$ The customer in the April $1$ sale returned $$300$ of merchandise for full credit. The merchandise, which had cost $$180,$ is returned to inventory.

April $8$ Sold merchandise for $$1,000,$ with credit terms of $\frac{1}{10},\frac{n}{30}$; invoice dated April $8.$ Cost of the merchandise is $$700.$

April $11$ Received payment for the amount due from the April $1$ sale less the return on April $4.$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

Sold merchandise for $$3,000,$ with credit terms $\frac{n}{30}.$

Note: Enter debits before credits.

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